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SEBI Imposes 3 Lakh Rupees Penalty On Shilpa Shetty And Raj Kundra

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Shilpa Shetty in porn case: Securities and Exchange Board of India (SEBI) imposed a penalty fine of three lakh rupees on July 28 on the actor and her husband Raj Kundra who was held for allegedly making and distributing porn videos. The fine comes as a penalty for violating Insider Trading Rules by Kundra’s company Viaan industries.

According to news agency ANI, SEBI imposed a fine on the actor and her husband and his company for a three-year delay in the disclosure of an allotment of preferential shares.

Back in 2015, the company made a preferential allotment of 500,000 equity shares Of which 128,800 shares each were granted to Kundra and Shetty who were the promoters of the company.

However, opposing the SEBI’s rules which makes it compulsory to disclose such transactions within two days if the sum exceeded 10 lakh, the company disclosed their transaction of Rs 2.57 crore in 2019, three years late.

In response to the charges, Kundra and Shilpa Shetty stated that it was an unintended mistake. However, SEBI adjudicating officer Suresh B Menon refused this explanation and imposed the fine, in the order released on Wednesday, according to a report by Money Control.

According to reports Menon said that it is pertinent to reveal the requirements mandated under regulations as they serve very serious purposes. Moreover, disclosing stock exchange helps investors to come to know of the position allowing them to remain or exit from the company.

He added in the statement that regular disclosure of the details of shareholding especially of the persons with substantial stake is of significant importance.

Raj Kundra was arrested on July 19 for allegedly making and distributing porn videos on some apps. Although Kundra denied the allegations and stated that he made erotic films, not porn, the police stated that Kundra was the key conspirator in the case and had enough evidence against him.